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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2424 Andover St Seattle, WA 98106-1100

    • Warehouses
    • 2,456 SF
    • 43.60 lot acres
    OFF-MARKET
    Value Estimations
    $535,000
    Show details
    Cap Rate Potential
    4.1%
    Warehouses
    Location Intelligence
    Property ID
    US90-1185913
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Nucor Steel Seattle / Steel Fabricator
    • Dr. Amanda Norton / Nurse Practitioner
    • Nucor Commissary / Grocery Store
    • Sea-Tac Steel Mill Services / Manufacturer

    Property Details for 2424 Andover St

    Year built
    1935
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    43.60 lot acres
    Property size
    2,456 SF
    Zone code
    IG2 U/85
    Property type
    Warehouses
    APN
    244510-0110
    APU
    2445100110

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $650,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $450,000
      6.5%
      $415,000
      7%
      $385,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $725,000
      Current use
      AUTO REPAIR, GARAGE
      $1,010,000
      Change: +39% Conversion: Easy
      RETAIL STORES
      $985,000
      Change: +36% Conversion: Moderate
      OFFICE BUILDING
      $870,000
      Change: +20% Conversion: Difficult
      MEDICAL BUILDING
      $845,000
      Change: +16% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.367
    Latitude
    47.5699
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $1,132,739
    $75,968,600
    $23,034,100
    $99,002,700
    -
    $75,968,600
    $23,034,100
    $99,002,700

    Comparable in this City

    • Value Estimation
      $450,000
      10,288 SF

      1835 96th Ln

      WAREHOUSE, STORAGE • 10,288 SF
      1835 96th Ln, Seattle, WA 98106
      View Details
    • Value Estimation
      $860,000
      101,000 SF

      3518 Marginal SW Way

      WAREHOUSE, STORAGE • 101,000 SF
      3518 Marginal SW Way, Seattle, WA 98106-1010
      View Details
    • Value Estimation
      $270,000
      1,756 SF

      3805 Delridge SW Way

      WAREHOUSE, STORAGE • 1,756 SF
      3805 Delridge SW Way, Seattle, WA 98106-1133
      View Details
    • Value Estimation
      $1,965,000
      5,880 SF

      4725 Marginal SW Way

      WAREHOUSE, STORAGE • 5,880 SF
      4725 Marginal SW Way, Seattle, WA 98106-1514
      View Details
    • Value Estimation
      $250,000
      1,350 SF

      9426 16th SW Ave

      WAREHOUSE, STORAGE • 1,350 SF
      9426 16th SW Ave, Seattle, WA 98106
      View Details
    • Value Estimation
      $605,000
      17,312 SF

      5906 Marginal SW Way

      WAREHOUSE, STORAGE • 17,312 SF
      5906 Marginal SW Way, Seattle, WA 98106
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,000 SF

      Industrial Building and Yard Available

      Industrial building with yard, close to Port of Seattle.
      4501 W Marginal Way SW, Seattle, WA 98106
      View Details
    • $21,000,000

      Ballard Warehouses Portfolio For Sale

      Three buildings in Ballard with vacant space for lease/sale.
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    • Contact for pricing
      26,887 SF

      Seattle Industrial Manufacturing Building

      26,887 SF Manufacturing Facility - 100% Occupied
      3601 Marginal Way, Seattle, WA 98106
      View Details
    • $3,000,000

      Seattle Industrial Property for Sale

      Industrial property available for purchase in Seattle, Washington.
      4816 15Th Ave NW, Seattle, WA 98106
      View Details
    • $295,000
      7,390 SF

      West Seattle Auto Repair Business

      Auto repair business for sale with equipment and car sales license.
      9226 Delridge Way SW, Seattle, WA 98106
      View Details
    • $629,000
      1,120 SF

      New Highland Park Stand-Alone Home

      New construction home with high-end finishes and fenced yard.
      8103 18Th Ave SW, Seattle, WA 98106
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      159,552 SF

      Industrial Warehouse Space Available

      159,552 SF warehouse space available January 1, 2026.
      3518-3546 W Marginal Way SW, Seattle, WA 98106
      View Details
    • Contact for pricing
      161,788 SF

      Seattle Warehouse Space For Lease

      Available warehouse space with excellent port and downtown access.
      4050-4450 East Marginal Way S, Seattle, WA 98106
      View Details
    • $15 SF/Yr
      27,000 SF

      Frye Commerce Center: Flex Space Available

      Seattle Industrial Space: 17,925 SF Flex Building
      2414 Andover St, Seattle, WA 98106
      View Details
    • $30 SF/Yr
      1,338 SF

      Corner Retail Space Near Lightrail

      High-visibility retail space near Shoreline North/185th Street light rail.
      18553 8Th Ave NE, Shoreline, WA 98106
      View Details
    • $39 SF/Yr
      582 SF

      Corner Unit Retail Space

      Retail space in a new development with transit access.
      9201 Delridge Way SW, Seattle, WA 98106
      View Details
    • $30 SF/Yr
      1,682 SF

      Restaurant/Retail Space in Whittier Heights

      Restaurant/retail space in Ballard's Whittier Heights neighborhood.
      7730-7750 15Th Ave NW, Seattle, WA 98106
      View Details
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    2424 Andover St
    Seattle, WA 98106-1100
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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